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Dow Jones closes down more than 500 points

(AP) - The stock market has suffered one of its worst
days in years as investors reacted to a stunning reshaping of the
landscape of Wall Street that took out two storied names: Lehman
Brothers Holdings Inc. and Merrill Lynch & Co.

The Dow Jones industrials closed down more than 504 points, their
sixth-largest point drop ever, and their worst showing since they
lost 508 in the October 1987 crash.

Investors were shaken by Lehman's bankruptcy filing and what was
essentially a forced sale of Merrill Lynch to Bank of America for
$50 billion in stock.

While those companies' situations had reached some resolution,
the market remained anxious about other companies. Among them:
American International Group Inc., which is seeking emergency
funding to shore up its balance sheet.